Despite Wednesday's completion of a new world trade agreement under the General Agreement on Tariffs and Trade, President Clinton promised that the United States would press for more open markets in banking and financial services.
"This agreement did not accomplish everything we wanted," the President said. "We must continue to fight for more open markets for entertainment, for insurance, for banking, and for other industries."
Negotiators of the 117-nation trade accord, working against a U.S. congressional deadline, achieved a wide-ranging liberalization of world trade Tuesday.
The accord would reduce tariffs and scrap a score of nontariff barriers to international trade.
Congress is currently considering a proposal to authorize the administration to bar foreign banks from expanding in the United States if their home countries fail to allow U.S. financial institutions similar rights.
The legislation, known as the Fair Trade in Financial Services Act, will be introduced in Congress in January.